An Entrepreneur's Guide to Starting a Local Business

In a time when so much business is conducted online, the entrepreneurs who aspire to start a venture in their local communities are few and far between. However, there is sure to always be a demand for local stores and services. Any would-be business owner knows that there is an opportunity to be had wherever demand exists. Aside from profit, there are some personal and potentially philanthropic benefits to building an enterprise in your local community.
 
Why Start a Local Business?

Business owners form an important cornerstone of the towns in which they operate. Small businesses contribute to the local economy by keeping money flowing through the community. As your business grows over the coming years, you might create more local jobs and play a role in the growth of your city. 
 
As opposed to an online business, providing a service locally gives you the chance to engage with your clientele on a more personal level. You will also be empowered to network with like-minded entrepreneurs in your area. For many new business owners, this degree of involvement grants a sense of fulfillment worth striving toward.
 
How Does a Business Get Started?

Any promising business starts with a solid business plan. Your plan should account for your goals as well as your limitations. Calculate your expected startup costs, which may include real estate or business permit expenses, formation fees, and insurance costs to name a few. Forecast future revenue and tax obligations and determine if your budget will allow for your business to survive its first year and beyond.
 
A competent business plan does much to take the "gamble" out of starting a new venture. With an idea of what you need in order to succeed, the next step is to seek the necessary funding to get your enterprise off the ground. The best choice for many budding entrepreneurs is to seek small business loans offered by the local or federal government. 
 
What Does It Take for a Business to Succeed?

Every business needs an effective marketing strategy for the sake of reaching new audiences. While local ventures should use digital marketing mediums such as social media, traditional methods that specifically target your community will be your bread and butter. Flyers, billboards, and business cards are tangible forms of advertising that place you firmly in the hands and minds of potential customers. If you collaborate with other store owners in the area, you can create a network of entrepreneurs that distribute marketing material and spread positive word-of-mouth for one another.
 
Does Running a Business Ever Get Easier?

Running a small venture or emerging company is a full-time job that is likely to weigh on your mind all day, every day. It may feel like an overwhelming burden at times, but you can gain confidence and streamline your processes by seeking useful business management resources from FUNEL . You can pursue further education, or work with an experienced consultant or mentor that can help you steer your enterprise in the right direction.
 
There are also tools and software that you can start using right away to run your business more effectively. For example, you can take steps to create a product roadmap that can help keep you and any employees you may have on track when launching a new product. Product roadmap templates make it easy to set priorities, establish goals, and outline any pain points or extra details.
 
Running a local business is one of the most rewarding experiences that a new entrepreneur can undergo. With proper planning and motivation, you will be ready to start this exciting journey on the right foot.

Written by Gloria Martinez of WomenLed.org